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Paycheck Protection Program update – April 24

Posted on April 24, 2020 by Admin


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A second round of funding for the Paycheck Protection Program has been passed by Congress and signed into law by the President. This business relief package is administered by the SBA and is intended to help businesses impacted by the coronavirus.

A second round of funding for the Paycheck Protection Program has been passed by Congress and signed into law by the President. This business relief package is administered by the SBA and is intended to help businesses impacted by the coronavirus.

They will resume taking applications for business assistance under the Paycheck Protection Program and Economic Injury Disaster Loan Program this coming Monday morning at 10.30 AM.

A second round of funding for the Paycheck Protection Program has been passed by Congress and signed into law by the President. This business relief package is administered by the SBA and is intended to help businesses impacted by the coronavirus.

The new package includes:

  • An additional $320 billion for the Paycheck Protection Program with a greater focus on helping small businesses:

    • Minimum of $30 billion in PPP will be set aside for community development financial institutions, banks and credit unions with less than $10 billion in assets.

    • Another $30 billion in PPP at least will go to banks and credit unions with assets between $10 billion and $50 billion.

  • An additional $60 billion in loans and grants for the Economic Injury Disaster Loan Program. (This program provides a $10,000 emergency grants as well as loans for eligible businesses)

  • Further information can be found here.

Businesses should contact their banks as soon as possible to check on previously submitted applications or to file a new application.

A link to a website with the new information is not currently available. All links go to the previous PPP program. I will pass it on when SBA updates.

More information can be found here.